Exam 4: Record-Keeping

In which order are the following steps in the accounting cycle performed at the end of the accounting period? 1.Prepare financial statements. 2.Prepare a post-closing trial balance. 3.Prepare and post the following journal entry: $\quad$ DR Insurance $\quad$ CR Prepaid insurance. 4.Prepare and post the following journal entry: $\quad$ DR Sales revenue $\quad$ CR Profit and loss summary. 5.Prepare an unadjusted trial balance. 6.Prepare an adjusted trial balance.

Identify the correct classification for the following 4 ledger accounts in the chart of accounts: 1.prepaid insurance 2.accrued wages 3.Depreciation 4.cost of goods sold

When a company orders goods for resale,what is the accounting entry? A. DR Inventory $\quad$ CR Accounts payable B. DR Purchases $\quad$ CR Accounts payable C. DR Accounts receivable $\quad$ CR Accounts payable D. No accounting entry is required yet.

Use the information given above to answer the following questions: Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business. -Which transaction is an accrual accounting end-of-period adjustment?

Which of the following is an example of an accounting transaction?

Which of the following is NOT true of journal entries?

Which of the following is an accounting transaction?

Use the information given above to answer the following questions: Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business. -Which transaction represents a customer settling his/her account? A) (5A) B) (6A) C) (7) D) (8).

Which of the following errors will be detectable by a trial balance?

Select the heading under which each of the items in the following questions should generally appear in the chart of accounts of a public company. -Accumulated depreciation on computer:

Use the information given above to answer the following questions: Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business. -What is the closing balance of Bank?

The purpose of ledgers is to:

Use the information given above to answer the following questions: Greening Ltd is a newly established business selling computer hardware. Shown below are ledger accounts in T-account form, with entries made for the first month of operations. -Which transaction represents the acquisition of a noncurrent asset?

A chart of accounts is:

Scoot Ltd paid a supplier $240 and received a cash discount of $6.Scoot Ltd's journal entry will include:

Which of the following accounts is not closed off at year-end?

Which of the following statements about a purchase order is NOT true?

Mr and Mrs Dawes formed Dawes Pty Ltd,each investing $1000 as capital.Dawes Pty Ltd should record these transactions as: A. DR Share capital $\quad$ CR Cash B. DR Cash $\quad$ CR Share capital C. DR Cash $\quad$ CR Loan D. DR Investment $\quad$ CR Capital

Which of the statements about closing the accounts is NOT true?

Which of the following statements about closing the accounts is NOT true?